I live in an area with a high cost of living. Although I earn a six-figure salary, no one will hire my wife.

It is true that we own two houses, other than the apartment that we live in. And, we rent out those houses to tenants. But, we still owe mortgages on those two houses. So, we don't render much of a profit, from this "business venture".

There is not much of anything that we can cut back on.

As I said, we live in an area with a high cost of living. Moving is easier said than done.

Does anyone have any ideas, on how I can find additional income?

Thanks!

Sun May 29, 2016 11:08 pm

payment proofSenior Member

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A lot of people freelance online to make extra money. You may want to look at sites like Upwork. Free make money sites are another good way to earn as well. I've been doing that for a long time myself.

Often, people have a problem with properly directing the income that they now have. And moving to a LC area may not be a good solution, your 6-figure IT job is probably location-sensitive.

Here's an example of managing - if a person directs $5000/yr into an investment it grows to million in 30 yrs. But if your tried to 'save up' a million in 30 yrs it would cost you $34,000/yr. Big difference. The first one be accomplished by most wage earners - and the second one is way out of reach for most wage earners.

We're retired now - but for a 40-yr period we owned 4 houses. I continually refinanced the rental houses, removed our equity, and invested it. So most of the profit was from unrealized appreciation, not from taxable rental income. (You realize those profits when you eventually sell the houses).

My point? Managing your current income stream is far more important to you than earning a small amount of added taxable income at min wage evening jobs.

Mon May 30, 2016 5:12 pm

back_in_the_1980s@hotmailNew Member

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Thanks, oldguy!

How do you remove equity? What are some good investments?

Forgive my ignorance.

Mon May 30, 2016 6:14 pm

oldguySenior Member

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quote: How do you remove equity? What are some good investments?

When one of the houses gets quite a bit of equity, I refinanced it for a bigger loan.
Eg, if a house with a $75k loan appreciated to $150k, I would refinance the $75k mortgage and get a $120k mortgage. The refi fees might be around $5k and the extra $45,000 would come to me as cash - a good way to raise tax-free cash.

And I invested the $45k in the SP500 Index Fund (mine is with Vanguard but there are many others). That Index has a longterm average return of 11%/yr. At 11%/yr, $45k = $1,1040,000 in 30y.
My 4th rental (owned for 35y) was on its 4th mortgage when I sold it last year. And those 4 cash-outs are still invested & growing in our SP500 Fund). Did that with all 4 houses, but that's the only one that I did 4 times.

I would like to introduce a new online tool. The website is here http://netho.me/ This is a tool that helps to analyze any website or domain name. For example: http://netho.me/money-talk.org Here you might find data on hosting location, data on traffic, whois and other details. It would be awesome if you could rate your faovourite websites and leave couple words about it in comments! Let me know if you have any suggestions or offers, i'm glad to be working on adding new features and upgrading the existing ones.

Thank you!

Wed Oct 12, 2016 11:44 am

Hello20Member

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Today money is everywhere. You have to find way that fit you and youir purpose the most. For online method, many people find some job like writing article online make quick income. Other find selling products and youtubing and blogging make income in longer term.

Fri Oct 21, 2016 6:02 am

siegeedoraNew Member

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tell your wife to check upwork.com, there are a lot of freelance jobs there and the pay is okay too.

Thu Nov 03, 2016 9:37 am

RogerFull Member

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Location: UK

Affiliate marketing is the biggest way of earning online and there are many sites like amazon,Clickbank etc offers the good commission to people to earn money with affiliate marketing.

Mon Dec 12, 2016 2:08 pm

Sarataylor1Contributing Member

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Location: San Framcisco

Make Money Online Free

There are many websites for freelancers to make money online free at home without investing a dime.